this is how a company is reporting on my credit report. it was a credit card account and out of nowhere its now showing as a factoring company account. doesnt sound right.
This credit card company must have sold your account to another company to get the money they owe from you. Now this other company will pursue you for the due amount.
You don't need to panic iflex2fitness. Factoring is a process these companies use when they sell off any receivable accounts to another business in order to get the money upfront. You continue to owe the amount to the company which will be pursued by the company to whom your account has been sold off.
Iflex, If this debt is with in the SOL the new company can legally sue you and win a verdict. Sometimes debt collectors are more determined when trying to collect debt. Also interest will continue to accrue. They can be very ruthless when trying to get back their investment (money they paid for the debt).
i have been waiting for an account to come off my credit report for 10 years and every time is about to come off another company buys it. can this be argued? what rights do i have? please help/....
If the SOL on your debt has expired you can dispute the debt and get it removed. CAs continue to pursue a debt for as long as they can because they think a lot of people are ignorant about their legal rights and would cough up the amount if they are intimidated by the debt.
Hi iflex2fitness
This credit card company must have sold your account to another company to get the money they owe from you. Now this other company will pursue you for the due amount.
You don't need to panic iflex2fitness. Factoring is a process these companies use when they sell off any receivable accounts to another business in order to get the money upfront. You continue to owe the amount to the company which will be pursued by the company to whom your account has been sold off.
Iflex, If this debt is with in the SOL the new company can legally sue you and win a verdict. Sometimes debt collectors are more determined when trying to collect debt. Also interest will continue to accrue. They can be very ruthless when trying to get back their investment (money they paid for the debt).
i have been waiting for an account to come off my credit report for 10 years and every time is about to come off another company buys it. can this be argued? what rights do i have? please help/....
Hi lilpad07
If the SOL on your debt has expired you can dispute the debt and get it removed. CAs continue to pursue a debt for as long as they can because they think a lot of people are ignorant about their legal rights and would cough up the amount if they are intimidated by the debt.